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Macy's

International

Macy’s says employee hid up to US$154 million in costs over 3 years

MACY’S disclosed on Monday that an employee had hidden up to US$154 million in expenses through false accounting entries over more than three years.

Macy’s preliminary results showed net sales fell to US$4.74 billion compared with US$4.77 billion based on estimates compiled by LSEG, a sign that steep promotions have failed to draw customers who have turned selective on purchases for the holidays.
Companies & Markets

Macy's delays Q3 report on accounting issue, expects weaker sales

A single employee “intentionally” made wrong accounting entries to hide about US$132 million to US$154 million of delivery expenses

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